APPLICATION FOR RECOGNITION PURSUANT TO PART 11 AND THE THIRD SCHEDULE OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (1) SAPURA FABRICATION SDN. BHD., (2) SAPURA OFFSHORE SDN. BHD. & (3) SAPURA 1200 LTD
- We refer to the applications by Sapura Fabrication Sdn. Bhd., Sapura Offshore Sdn. Bhd. and Sapura 1200 Ltd (the “Sapura Entities”) for, among other things, an order that their reorganisation proceedings in Malaysia be recognised by the Singapore Courts and in Singapore as foreign main proceedings (the “Recognition Applications”).
- The Recognition Applications were heard on 25 January 2023 at 10.00am before the Honourable Justice Vinodh Coomaraswamy.
- At the hearing, the Court ordered that the Sapura Entities’ reorganisation proceedings be recognised as foreign main proceedings in Singapore. The Court also ordered that:a. Datuk Mohd Anuar Bin Taib, Chew Seng Heng and Melissa binti Lokman be recognised by the Singapore Court and in Singapore as foreign representatives;b. subject to paragraphs 3(c) and (d) below, that so long as the reorganisation proceedings are in force, except with the consent of the Foreign Representatives or with leave of the Court:i. commencement or continuation of individual actions or individual proceedings concerning the Sapura Entities’ property, rights, obligations or liabilities be and is hereby stayed;
ii. execution against the Sapura Entities’ property be and is hereby stayed and
iii. the right to transfer, encumber or otherwise dispose of any property of the Sapura Entities be and is hereby suspended.
c. subject to paragraph 3(d), the stay and suspension mentioned in paragraph 3(b) shall be:
i. the same in scope and effect as if the Sapura Entities had been made the subject of a winding up order under the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018); and
ii. subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under the laws of Singapore in such a case; and
d. notwithstanding paragraphs 3(b) and (c) above, liberty be granted to Posh Subsea Pte Ltd and Semco Salvage (V) Pte Ltd to apply for an extension of the writ of summons issued against, amongst others, Sapura Fabrication Sdn. Bhd. and Sapura Offshore Sdn. Bhd by way of HC/S 101/2022; and
e. the foreign representatives, the Sapura Entities, any person claiming to be a creditor of the Sapura Entities and any person whose interest may be affected by this order shall have liberty to apply for directions in relation to its interpretation or implementation.
- We will continue to keep you updated on material events and any further directions from the Singapore High Court.